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    Matthew Garland

    Research Analyst at Deutsche Bank

    Matthew Garland is an Equity Research Analyst at Deutsche Bank, specializing in luxury goods and European consumer companies with coverage that includes Richemont. He holds a strong recent performance record, achieving a 100% success rate and generating an average return of 13.9% on his investment calls. Garland began his analyst career at Citigroup Global Markets Ltd. in 2017, where he worked until 2021, before joining Deutsche Bank's brokerage division in the UK and serving there until early 2024. He is recognized for his rigorous equity research, though specific securities licenses are not detailed in public sources.

    Matthew Garland's questions to Ermenegildo Zegna (ZGN) leadership

    Matthew Garland's questions to Ermenegildo Zegna (ZGN) leadership • Q2 2023

    Question

    Inquired about potential upside to the medium-term 15% adjusted EBIT margin guidance, the contribution of price and mix to growth, and the impact of the Real Madrid partnership on sales.

    Answer

    The company will provide an update on the EBIT margin guidance at the December Capital Markets Day. Growth was driven by a significant product mix shift towards higher-end items and like-for-like price increases, leading to a solid double-digit increase in average ticket. The Real Madrid partnership is considered a success for brand awareness and customer experience, though direct sales impact is hard to quantify.

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    Matthew Garland's questions to Dufry AG/ADR (DUFRY) leadership

    Matthew Garland's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2021

    Question

    Matthew Garland of Deutsche Bank inquired about the expected impact of the Starbucks partnership in FY22 and how to think about the retail gross margin on a normalized 2023 basis, given its recent strength.

    Answer

    CEO Julian Gonzalez clarified that there is no national agreement with Starbucks, only two specific location agreements, so no significant impact is expected. CFO Yves Gerster explained the strong retail margin is due to high-spending travelers (which may normalize) and a structural benefit from Brexit (which will stay). He guided for the margin to normalize back towards pre-crisis levels.

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